Slide 2
Financial Reporting
...

Compilation Engagements VS Agreed-upon Procedures 2019

CPD Hours: 2

Price: R237.50


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Compilation Engagements VS Agreed-upon Procedures 2019


Compilation Engagements VS Agreed-upon Procedures 2019

Presenter: Lettie Janse van Vuuren


Learning objectives

By the end of this webinar the participant should be aware of the process to prepare their entity for a financial audit, with regard to:

  • The legislation that is applicable – with specific reference to the Companies Act and Regulations
  • The standards that must be followed:
    • ISRS 4400 – Agreed-upon Procedures Engagements
    • ISRS 4410 – Compilation Engagements
  • The requirements set out in these standards (e.g. Ethical requirements, documentation, etc)
  • How to apply these standards in practice (including examples of engagement letters and practitioner’s reports)
  • The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures
  • Other useful documents to make your life easier

Course content

The following topics will be covered in detail during the event:

  • The legislation that is applicable:
    •  In accordance with the requirements set out in the Companies Act and Regulations
      • Who is responsible for compliance? (including the 6-month deadline)
      • Public Interest Score
      • What type of engagement is required?
      • Who may perform the identified type of engagement? (including compilations)
      • Financial Reporting Framework to be used
      • Difference between internally compiled and independently compiled
      • Consequences of non-compliance
  • The standards that must be followed:
    • ISRS 4400 – Agreed-upon Procedures Engagements
    • ISRS 4410 – Compilation Engagements
  • The requirements set out in these standards, including:
    • Ethical requirements
    • Quality Control requirements (including acceptance and continuance of clients)
    • Professional Judgment
    • Procedures to be performed
    • Documentation
  • How to apply these standards in practice:
    • Reporting responsibilities (Practitioner’s report, reporting to CIPC & on NOCLAR)
    • Using standardised documents (including examples of Engagement letters, Report of Factual Findings and a Practitioner’s Compilation Report)
  • The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures:
    • Professional judgment
    • Independence
    • Engagement acceptance and continuance
    • Use of a practitioner’s expert
    • AUP report restrictions
  • Other useful documents to make your life easier: 
  • Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services
  • Agreed-upon Procedures Engagements as a growth & value opportunity:
    • The benefits to clients of offering such services;
    • When such engagements are appropriate;
    • Examples of financial and non-financial information AUP engagements; and
    • 6 short case studies with example procedures that might be applied.

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